Dear Friends,
Need suggestion this is dev as im working in a private company since past 3 years and my salry is 18000 INR per month company does not provide any salary slip and salary come through cash also not in a fix date.
My company accountant force me to pay tax (TDS) do am eligible to pay any kind of tax???
Out of four Im one earning member in my family. Also im a loan holder from bank 1 lakh 50 thousand. And aprox a lakh loan from private society I can’t afford even a single deduction in my salary please suggest.
Need help.
Thanks & Regards
Dev
From India, New Delhi
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Need suggestion this is dev as im working in a private company since past 3 years and my salry is 18000 INR per month company does not provide any salary slip and salary come through cash also not in a fix date.
My company accountant force me to pay tax (TDS) do am eligible to pay any kind of tax???
Out of four Im one earning member in my family. Also im a loan holder from bank 1 lakh 50 thousand. And aprox a lakh loan from private society I can’t afford even a single deduction in my salary please suggest.
Need help.
Thanks & Regards
Dev
From India, New Delhi
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Dear Dev,
As per your provided salary, i.e., 18,000 PM, it comes to an annual salary of Rs. 216,000. Within this, the standard deduction is Rs. 2,00,000 as per the IT Act. So, you have an excess salary of Rs. 16,000 to pay tax. Within this, also, per month, Rs. 3,000 house rent allowance is exempted, so you are not subject to TDS. You do not need to pay any tax in any manner, even if your salary is credited by cash/cheque. Do not worry and convey the same information to your employer if they are not satisfied with the above explanation. Please feel free to speak to me.
Hope you have cleared your doubts.
Thanks,
Lakshminaryana
9866917232
From India, Hyderabad
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41As per your provided salary, i.e., 18,000 PM, it comes to an annual salary of Rs. 216,000. Within this, the standard deduction is Rs. 2,00,000 as per the IT Act. So, you have an excess salary of Rs. 16,000 to pay tax. Within this, also, per month, Rs. 3,000 house rent allowance is exempted, so you are not subject to TDS. You do not need to pay any tax in any manner, even if your salary is credited by cash/cheque. Do not worry and convey the same information to your employer if they are not satisfied with the above explanation. Please feel free to speak to me.
Hope you have cleared your doubts.
Thanks,
Lakshminaryana
9866917232
From India, Hyderabad
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Dear Lakshminaryana, Thanks for your kind response if i need any assistance in future sure will let you know. Once again thanks to you and this platform
From India, New Delhi
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From India, New Delhi
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Dear Mr. Dev / Mr. Laxminarayana,
Even considering your total income to be Rs. 2,16,000, it is totally exempted for the F.Y. 2013-14. Under Section 87A, you get a benefit of Rs. 2,000 in tax; hence, on Rs. 16,000 tax liability, it is Rs. 1,600 less Rs. 2,000. No tax, do not worry.
It is surprising that even your company is paying salary in cash and intends to deduct tax. Somewhere something must be going wrong.
Ramakant
From India, Pune
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Even considering your total income to be Rs. 2,16,000, it is totally exempted for the F.Y. 2013-14. Under Section 87A, you get a benefit of Rs. 2,000 in tax; hence, on Rs. 16,000 tax liability, it is Rs. 1,600 less Rs. 2,000. No tax, do not worry.
It is surprising that even your company is paying salary in cash and intends to deduct tax. Somewhere something must be going wrong.
Ramakant
From India, Pune
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TDS circular.pdf
Format--new TDS rates.xls